Data analytics is the future of business, no matter what industry you are in. Small businesses must position themselves at the forefront of the data revolution if they want to survive and succeed in today’s competitive business environment. Without data, businesses would be navigating blindly when it comes to making strategic and financial decisions for the company. This will hinder the business from flourishing and reaching its full potential due to all sorts of inefficiencies in its processes.
What is even more important than collecting data, however, is the ability to analyse the insights gained and relate them to the business — and it’s not something that everyone can do.
Companies like Amazon and FedEx have been utilising data successfully for more than a decade. Supported by an army of in-house data analysts and vast customer data, they can target customers by innovating and promoting relevant products — boosting the chances of purchase.
Seeing the success of Amazon in harnessing data, many companies are looking to integrate their business processes with data analytics as well. However, it has been up for debate whether hiring an in-house data analyst or outsourcing is more beneficial. In our opinion, it depends on the size and stature of the business.
Here are some reasons why outsourcing data analytics could be a better option for a small business.
Finding The Right Data Analyst Can Be Challenging
In this era of digitalisation, companies are fighting over data analysts to become more data-driven and customer-centric. The problem is, that there is a shortage of qualified data analysts with the right skill sets in the market today, so finding a suitable candidate or team of people will be more challenging and time-consuming hence why it might be easier for small businesses or start-ups to outsource a third-party data analytics company.
Cost-Effective
Hiring a full-time data analyst is not cheap. This is especially the case if you include employee benefits, taxes, training, and other overhead costs. Not only is outsourcing more efficient in terms of costs and time. It also allows a company, especially a smaller one, to focus on its core business functions, without the worry of having to scout for and monitor an in-house data analyst.
Less Effort, More Accountability
As aforementioned, business managers may have to invest time into monitoring the performance of an in-house analyst, since they are employed directly under a company. However, there are no guarantees on how well their performance is going to be. In the event they do not see fit, it would take extra time and money to hire another applicant, which just may not be feasible for a small business. On the other hand, outsourcing a data analytics company will provide you with the technology, consultation, and specialists you need to achieve your goals. They will also ensure that the services they provide meet global standards — making them more accountable and ensuring that the return on investment is worthwhile for the company.
Summary
Position your small business at the forefront of the data revolution with data analytics. Explore hiring an in-house data analyst or outsourcing data analytics with SYCARDA’s expert insights. Get in touch with us for a personalized consultation and discover how data analytics can drive your business growth. Make informed decisions and stay competitive in today’s dynamic business environment. Embrace the power of data with SYCARDA!
Now that you understand the benefits of hiring a third-party data analytics company, it’s time to incorporate data into your business.
FAQ
How can data analytics benefit small businesses?
Data analytics empowers small businesses to make informed decisions, identify inefficiencies, and drive growth. By analyzing data insights, small businesses can become more data-driven and customer-centric, enhancing their competitiveness in the market.
What are the benefits of outsourcing data analytics for small businesses?
Outsourcing data analytics offers cost-effective solutions, as it eliminates the need for hiring a full-time data analyst and associated overhead costs. Additionally, outsourcing provides access to specialized expertise and ensures accountability, making it a suitable option for smaller businesses with limited resources.
How can SYCARDA help small businesses with data analytics?
SYCARDA provides tailored data analytics solutions for small businesses, helping them harness the power of data to make strategic and financial decisions. With our expertise, small businesses can optimize processes, improve efficiency, and gain a competitive edge in their respective industries. Contact us for personalized data analytics solutions that drive growth and success.
